The challenges of corruption and the attainment of vision 20:2020

J. F. Adebisi

Abstract

Of late the focus and tenor of the fight against corruption has attracted renewed interest and come under fresh scrutiny as part of the broader good governance agenda. This is partly dud to increases in the incidence of corruption with impunity and mounting evidence about its negative multidimensional impact. The effect of corruption varies, depending on country conditions. It may, in the short term, even coexist with strong economic performance like (Chile, Asian Tigers). Its long-term effect, however, extends beyond actual revenue loss. This paper reflects on the economic effects of corruption in the attainment of Vision 20:2020. It is observed that the relate indirect effects include driving away investment, diminishing core democratic values, weakening the rule of law and credibility of pubic institutions, undermine consolidation of good governance and violate the social contract between citizens and the state. Furthermore, the findings showed that governance constraint, and corruption in particular, is a key determinant of a country’s global competitiveness. These findings challenge traditional notions of what constitutes the country’s investment climate,’ and who shapes it. This paper realizes that illegal forms of corruption would continue to be prevalent in the interaction between transnational of the rich world and the pubic sectors in many emerging countries.